UPDATE: Chesapeake Provides Another Promising Operations Update On The Utica

"UPDATE (05/01/13 10:00 am ET): Chesapeake hosted its first quarter earnings call this morning, during which the company spoke highly of its development in the Utica. As many know, Chesapeake is the largest operator in the Utica Shale and continues to invest heavily in Ohio.

Chesapeake is operating 14 rigs in Ohio and has developed 249 wells to date. They have 66 wells producing, with 86 waiting on pipeline and 97 in various stages of completion. The company also completed and tested three wells in Harrison and Carroll Counties, all of which proved to be significant:

The Coe 34-12-4 1H in Carroll County achieved a peak rate of approximately 1,980 barrels of oil equivalent (boe) per day, which included 235 bbls of oil, 470 bbls of natural gas liquids (NGLs) and 7.6 mmcf of natural gas; The Henderson South 10-12-6 5H in Harrison County achieved a peak rate of approximately 1,625 boe per day, which included 755 bbls of oil, 240 bbls of NGL and 3.8 mmcf of natural gas; and The Scott 24-12-5 6H in Carroll County achieved a peak rate of approximately 1,530 boe per day, which included 285 bbls of oil, 350 bbls of NGL and 5.4 mmcf of natural gas.

Chesapeake brought a total of 13 wells online in the first quarter of 2013 with a an average peak rate of 1,200 barrels of oil equivalent per day, and the company is still on pace to reach its goal of 330 million cubic feet of natural gas equivalent (mmcfe) per day. As of the call this morning, Chesapeake is averaging 60 mmcfe per day.

Kinda makes that Bloomberg News story from a few weeks ago seem even more silly, huh?"

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